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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) December 3, 1996
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AMERICAN MEDCARE CORPORATION
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(exact name of registrant as specified in chapter)
Delaware 002-82208-A 59-2248411
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(State or other jurisdiction (Commission (IRS Employer
of Incorporation) File Number) Identification No.)
2970 Clairmont Road, Suite 950 Atlanta, GA 30329
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(Address of principal executive office) (zip code)
Registrant's telephone number, including area code: 404-633-0046
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Not Applicable
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(Former name or former address, if changed since last report)
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Contents
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Page
Item 2: Acquisition or Disposition of assets ........................... 3
Item 7: Financial Statements and Exhibits .............................. 3
Signatures .............................................................. 5
Index to Financial Statements ...........................................F-1
2
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Item 2 Acquisition or Disposition of Assets.
As previously disclosed on Form 10-Q SB filed on December 16, 1996, a wholly-
owned subsidiary of American Medcare Corp. (the "Company") acquired the assets,
subject to the assumption of certain liabilities of the healthcare division of
Info Systems, Inc. ("HCD"), headquartered in Charlotte, North Carolina. The
acquisition occurred on December 3, 1996. The HCD division markets IBM AS/400-
based practice management systems to mid-size and large medical practices and
clinics. The aggregate consideration consisted of $150,000 in cash, paid at the
closing, and a promissory note of $1,550,000, subject to adjustment, payable
upon the consummation of the merger of AMC with InfoCure. InfoCure Corporation
has filed a registration statement on Form SB-2 (the "Registration Statement")
as Registration No. 333-18923.
Item 7 Financial Statements and Exhibits.
(a) Financial Statements for Business Acquired.
Reference is made to HCD's financial statements filed as a part of the
Registration Statement (incorporated herein by reference to the
Registration Statement).
(b) Pro forma financial information
The index to financial statements appears at page F-1.
3
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(c) Exhibits
The following exhibits are titled herewith:
<TABLE>
<CAPTION>
Exhibit Number Description
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<S> <C>
10.8 Asset Purchase Agreement between AMC and Info
Systems of North Carolina, Inc. ("Info Systems"),
dated December 3, 1996 (incorporated herein by reference
to Exhibit 10.8 of the Registration Statement.)
10.9 Promissory Note of AMC dated December 3, 1996
payable to Info Systems (incorporated herein by
reference to Exhibit 10.9 of the Registration Statement.)
10.10 Management Agreement between HCD and Info Systems
dated December 3, 1996 (incorporated herein by
reference to Exhibit 10.10 of the Registration Statement.)
</TABLE>
4
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
AMERICAN MEDCARE CORP.
(Registrant)
Date: February 18, 1997 by: /s/ Frederick L. Fine
Frederick L. Fine
Chairman/President/CEO
5
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INDEX TO FINANCIAL STATEMENTS
AMERICAN MEDCARE CORPORATION
FORM 8-K
HCD
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Report of Independent Certified Public Accountants *......................F-53
Balance Sheets*...........................................................F-54
Statements of Operations*.................................................F-55
Statements of Cash Flows *................................................F-56
Notes to Financial Statements *...........................................F-57
American Medcare Corp. Pro Forma Condensed Consolidated Financial Statements
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(Unaudited)
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Introduction...............................................................F-2
Pro Forma Condensed Consolidated Balance Sheet as of October 31, 1996......F-3
Pro Forma Condensed Consolidated Statement of Operations
for the Nine Months ended October 31, 1996............................F-4
Notes to Pro Forma Condensed Consolidated Financial Statements.............F-5
* incorporated by reference to the Registration Statement on Form SB-2
Registration No. 333-18923
F-1
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American Medcare Corporation and Subsidiaries
Condensed Consolidated Pro Forma Financial Statements
(unaudited)
Introduction
The accompanying unaudited pro forma condensed consolidated financial statements
are presented to illustrate the effect on the Company's historical financial
position and results of operations on the consummation of the acquisition of
HCD.
The unaudited pro forma condensed consolidated balance sheet has been prepared
as if the acquisition had occurred on October 31, 1996, and uses the Company's
October 31, 1996 consolidated balance sheet and HCD's September 30, 1996 balance
sheet.
The unaudited pro forma consolidated statement of operations has been prepared
as if the acquisition had occurred on February 1, 1996 and uses the Company's
results of operations through nine months ended October 31, 1996, and HCD's
results of operations for the nine months ended September 30, 1996.
The accompanying unaudited pro forma condensed consolidated financial statements
have been prepared for illustrative purposes only and are not necessarily
indicative of the Company's future financial position or results of operations.
Among other things, the unaudited pro forma condensed consolidated statement of
operations reflects adjustments only for (i) the effects of the elimination of
costs associated with staff positions and allocated corporate overhead at HCD,
(ii) the assets acquired and liabilities assumed, (iii) amortization of goodwill
with an appropriate life, and (iv) the elimination of interest on debt of the
former parent not assumed as part of the acquisition.
F-2
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AMERICAN MEDCARE CORPORATION AND SUBSIDIARIES
PRO FORMA CONDENSED CONSOLIDATED BALANCE SHEET
(000's except for per share information)
<TABLE>
<CAPTION>
AMC HCD
October 31, September 30, Proforma
1996 1996 Adjustment Proforma
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(Unaudited) (Unaudited)
<S> <C> <C> <C> <C>
ASSETS:
Current assets:
Cash and cash equivalents $ 183 $ -- $ (150)[A] $ 33
Accounts receivable, less reserves 198 529 727
Due from ISI -- -- 117 [A] 117
Inventory -- 35 35
Prepaid expenses and other current assets 31 26 (26)[A] 31
Deferred income tax assets -- 48 (48)[A]
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Total current assets 412 638 $ (107) 943
Property and equipment, net 45 67 112
Miscellaneous 207 -- 207
Capitalized software development costs, net -- 130 130
Goodwill 1,942 1,942
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Total assets $ 664 $ 835 $ 1,835 $ 3,334
======= ======= ======= =======
LIABILITIES AND STOCKHOLDERS' EQUITY (CAPITAL DEFICIT):
Current liabilities:
Accounts payable $ 302 $ 500 $ (63)[A] $ 865
Accrued expenses 379 52 41 [A] 390
Deferred revenue and customer deposits 406 546 952
Note payable -- -- (1,550)[A] 1,550
Current portion of long-term debt 310 147 147 [A] 310
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Total current liabilities 1,397 1,245 (1,425) 4,067
Long-term debt, less current portion 540 195 195 [A] 540
Deferred income tax liabilities -- 44 44 [A] 0
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Total liabilities 1,937 1,484 (1,186) 4,607
Commitments and contingencies
Divisional equity (deficit) -- (649) (649) 0
Stockholders' equity (capital deficit):
Common stock 47 -- 47
Stock purchase warrant 500 -- 500
Additional paid-in capital 2,110 -- 2,110
Deficit (3,830) -- (3,830)
Treasury stock, 228,489 shares at cost (100) -- (100)
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Total stockholders' equity (capital deficit) (1,273) (649) (649) (1,273)
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$ 664 $ 835 $(1,835) $ 3,334
======= ======= ======= =======
</TABLE>
See notes to pro forma condensed consolidated financial statements.
F-3
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AMERICAN MEDCARE CORPORATION AND SUBSIDIARIES
PRO FORMA CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
(000's except for per share information)
<TABLE>
<CAPTION>
AMC HCD
Nine Months Ended Nine Months Ended
October 31, September 30, Proforma
1996 1996 Adjustment Proforma
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(Unaudited) (Unaudited)
<S> <C> <C> <C> <C>
REVENUES:
Systems and software sales $ 592 $ 1,681 $ $ 2,273
Maintenance and support 1,068 1,296 2,364
Other -- 62 62
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Total revenues 1,660 3,039 4,699
Cost of revenues 299 917 1,216
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Gross margin 1,361 2,122 3,483
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Operating costs and expenses:
Selling, general and administrative
expenses 1,574 2,055 (1,183)[B] 2,446
Depreciation and amortization 55 88 66 [C] 209
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Total operating costs and expenses 1,629 2,143 (1,117) 2,655
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Operating income (loss) (268) (21) (1,117) 828
Other income (expense):
Interest expense (60) (27) (27)[D] (60)
Other 3 -- -- 3
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Income before taxes (325) (48) (1,144) 771
Income tax expense -- (19) 301 [E] $ 282
Realization of deferred tax asset -- -- (282)[E] $ (282)
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Net income (loss) $ (325) $ (29) $ (1,125) $ 771
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Net loss per common share ($0.01) $0.02
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Weighted average common shares outstanding 43,531,234 43,531,234
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</TABLE>
See notes to pro forma condensed consolidated financial statements.
F-4
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American Medcare Corporation
Notes to Pro Forma Condensed
Consolidated Financial Statements
(unaudited)
Note 1 Basis of Presentation
Reference is made to the "Introduction" at page F-2.
Note 2 Pro Forma Adjustments
A Records assets acquired, liabilities assumed, obligation for
balance of purchase price and allocation thereof.
(000's)
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Components of purchase price
Cash $ 150
Note payable 1,550
Acquisition costs 63
Closing adjustments (117)
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1,646
Liabilites assumed over net assets (296)
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Goodwill $1,942
B Records elimination of costs associated with staff positions and
corporate overhead not part of acquisition.
C Record amortization of goodwill over its estimated useful life
of 22 years.
D Eliminate interest on debt of former parent not assumed as part
of acquisition.
E Note the pro forma consolidated statement of operations includes
an allocation for taxes, as well as the application of a net
operating loss carry forward, showing the effect of the
realization of the tax asset, resulting in a net tax of 0.
F-5
